India raises import tariff value for gold and silver
The Indian Government yesterday announced hike in import tariff value for gold and silver
NEW DELHI (Scrap Monster) : The Indian Government yesterday announced hike in import tariff value for gold and silver. The import tariff value of gold was hiked by 3.37% and that of silver was hiked by 0.16%, as prices of the metals have risen in the global market.
The Central Board of Excise and Customs (CBEC) issued notification in this regard raising the gold import tariff value to $430 per 10 grams. The import tariffs are being hiked by 3.37% from the existing $416 per 10 grams. Meanwhile the import tariff value of Silver has also been hiked from $638 per kilogram to $639 per kilogram.
The government move to raise the import tariff value is in track with the firm gold prices in the global and domestic markets. Earlier, the government had lowered the tariff when the precious metal prices plummeted to historic lows mid-April.
The recovery in commodity prices from the bottom has forced the government to raise the import tariff for silver, though marginally. As per statistics, silver imports by the country recorded a staggering 260% growth during the period from April to July this year. The silver imports skyrocketed from 239 metric tonnes during Apr-July in 2012 to 857 metric tonnes this year. During the same period gold imports by the country have recorded a growth of 104% over previous year.
Tariff value is the base price on which the customs duty on imported gold or silver is calculated and it further helps prevent under-invoicing.